Ethereum whale thomasg.eth adds $19.5 million in ETH, while Bitmine's Tom Lee cites analysis indicating a potential market bottom.
An early Ethereum wallet identified as thomasg.eth has been actively rebuilding its position, purchasing approximately $19.5 million in Ether across various forms including spot ETH, wrapped ETH (WETH), and Aave-deposited ETH, based on data from Arkham Intelligence.
Over the past week, the wallet made these acquisitions, culminating in a $3 million purchase on March 20. At the 2021 market peak, this wallet held around $537 million in crypto assets, according to Arkham.
Ether Price Context
Ether is currently trading about 56% below its all-time high of $4,946, which occurred on August 24, 2025, as reported by CoinGecko. This downturn coincides with recent net outflows from U.S. spot Ether exchange-traded funds, totaling $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20, according to data from Farside Investors.
Separately, Bitmine Immersion Technologies, chaired by Tom Lee, has accelerated its Ether purchases, now holding about 4.6 million ETH. Lee stated that Ethereum's price action shows a 93% correlation with the S&P 500's recovery after the 1987 crash and 2011 bottom, suggesting Ether may have bottomed around March 7 or is doing so now, based on analysis from Tom DeMark.
Lee also noted that Ether's realized price is around $2,241, similar to discounts seen at major lows in 2022 and 2025. Over the past decade, Ether has delivered returns of approximately 49,000%, outperforming Bitcoin's 11,000% and Nvidia's gains, positioning it as a strong store of value despite market volatility.
Bitmine is increasing its holdings, arguing that Ether is in the final stages of a 'mini-crypto winter.' This activity reflects ongoing interest in Ethereum amid broader market trends, as detailed in reports from CoinTelegraph.
